The present invention relates generally to the field of account customization, and in particular to systems and methods for customizing mortgage accounts.
Various types of mortgages are available. For example, a consumer may choose from a fixed rate mortgage with a fifteen or thirty year term. Such mortgages provide a fixed interest rate that is maintained for the life of the loan. While the fixed interest rate feature of the loan causes the loan to remain largely static, a recurring payment may vary somewhat due to changes in escrow amounts associated with the loan. Thus, for example, the property insurance associated with the loan may vary from year to year causing the recurring payment to vary.
Alternatively, a consumer may choose a variable rate mortgage with a thirty year term. Such a loan varies as the interest rate changes periodically. Thus, a payment required under such a loan can changes as the interest rate and/or escrows associated with the loan change.
While a variety of loan types are available, such loans are typically tailored for a mass market and often fail to address specific needs of individual consumers. Thus, an individual consumer chooses a loan that best matches their needs. However, such a process does not provide for a number of a consumer's needs. Accordingly, for at least the aforementioned reasons, there exists a need in the art for systems and methods that better address needs of individual consumers.